February 2012 Monthly Average Crude Oil Price

Click image for larger view

The monthly average U.S.-dollar price of West Texas Intermediate (WTI) crude oil moved higher in February, advancing by $2.01 (2.0 percent) to $102.25 per barrel. That rise coincided with a slight weakening of the dollar and the lagged impacts of an increase in consumption of 4,000 barrels per day (BPD) -- to 18.7 million BPD -- during December, but occurred despite a rebound in crude stocks during February. Although Brent crude (the predominant grade used in Europe) appeared to be cheaper than WTI in January (February data was not yet available when this was written), the supply/demand dynamics and the dollar-euro exchange rate at the time meant it was, in fact, almost $10.50 per barrel more expensive than WTI on a U.S.-dollar basis ($110.69 versus $100.24, respectively).
 

Click image for larger view

Click image for larger view